Multiple firms counseled the debt securities of Entre Ríos Province

Argentine-based firms DLA Piper, A&O Shearman, and Bruchou & Funes de Rioja advised on the Province of Entre Ríos’ US$300 million debt issuance and a concurrent cash tender offer for its 2028 bonds.

DLA Piper acted for the Province, while A&O Shearman and Bruchou & Funes de Rioja represented the initial purchasers and local placement agents. The transaction involved U.S. dollar-denominated notes bearing interest at 9.550% per annum and maturing on March 4, 2033.

In parallel, the Province launched a cash tender offer for its outstanding step-up bonds due 2028. Bonds totaling approximately US$179.9 million in outstanding principal were tendered and accepted, out of an original US$399.8 million, representing 77.25% participation. The Province allocated the proceeds from the issuance of the Debt Securities to improve the Province’s debt maturity profile and make debt service payments. The Debt Securities were issued on March 4, 2026, bear interest at a nominal annual rate of 9.550%, payable semiannually.

BBVA Securities, BofA Securities, and Santander US Capital Markets acted as initial purchasers of the Debt Securities and as dealer managers of the tender offer. Balanz Capital Valores, Banco Santander Argentina and Puente Hnos acted as local placement agents. Global Bondholder Services Corporation acted as information and tender agent in connection with the tender offer.

DLA Piper acted as legal counsel to the Province Entre Ríos under New York law and Argentine law, led by partners Joshua Kaufman (pictured left) and Marcelo Etchebarne (pictured center left), of counsel Nicolás Teijeiro, and associate Daiana Suk (New York law); and comprised of partner Justo Segura and associate Federico Vieyra (Argentine law).

A&O Shearman was the legal counsel to the initial purchasers, dealer managers and local placemenet agents. Partner Alejandro Gordano (pictured center right), along with visiting attorneys Gonzalo Robles, Moises Gonzalez Arroyo and Mariana Lobato, led the transaction.

Meanwhile, Bruchou & Funes de Rioja advised with respect to Argentine law and was led by partner Alejandro Perelsztein (pictured right) and associates Quimey Waisten and Gonzalo Vilariño.